August 31, 2001
Sales Up at Michael Anthony Jewelers
Michael Anthony Jewelers, a leading manufacturer of gold jewelry, reported its sales for the second quarter ended Aug. 4 increased 14%. Sales for the quarter reached $28.2 million, up from $24.9 million in the same quarter last year. The company reported a net loss of $366,000, compared to a loss of $993,000 last year.
For the six months ended Aug. 4, sales increased 13% to $57.4 million at Michael Anthony Jewelers, up from $50.7 million in the same period last year. The net loss for the period was $570,000, compared to $1.4 million last year.
The company reported it improved gross margins and lowered expenses in the first half of the year to be ready for a possible business slow down. "While we have done well in the first half of our year, we are facing an uncertain and challenging retail environment," says CEO Michael Paolercio. "We are, however, cautiously optimistic that we will have a successful year."
- by Julia M. Duncan